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 Posted: Mon Jun 25, 2007 12:11 pm Subject: Needing help to get bad credit off credit report |
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My husband has been divorced from his ex for 3 years now. He paid a lot out and got into debt just to be able to get sole custody of his 2 children. We are trying to buy a house now and his credit score is too low (602). Everything is paid off--no outstanding debt. Bank says to try to apply for small credit cards (Old Navy, Menard's, etc.) to get credit built back up. They won't let him get a card because his credit is bad. I have excellent credit and I can't even get him on one of my Credit Cards. What is the solution?
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bru_81
Joined: 25 Jun 2007
Posts: 1
Debtcc Points: 55
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| Posted: Mon Jun 25, 2007 12:24 pm Subject: |
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Ask your husband to go through his credit report from all the bureaus. He should make sure that all the accounts are updated by the creditors and there is no inaccurate reporting hurting his credit potential.
He may speak to different banks and look for credit. I hope some company will be willing to grant him few small credit offers.
Read this link for tips on fixing some of the bad credit.
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aciotsf
Debt Samaritan
Joined: 09 Mar 2006
Posts: 514
Debtcc Points: 6373
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| Posted: Mon Jun 25, 2007 1:06 pm Subject: |
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After I got divorced my credit was awful too. My personal banker suggested taking out a small loan. I took out 1000 put it into a savings account- never touched it, every month I had the payments taken directly out of that savings account, this way they were never late. The loan was for 6 months and it shot my credit rating up 150 points. I had seriously bad credit.
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introuble79
Joined: 04 Jun 2007
Posts: 42
Debtcc Points: 1399
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| Posted: Mon Jun 25, 2007 1:57 pm Subject: |
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Another thing you can do is get a secured card. It sucks to know taht you have $300 sitting in a savings account that you can't touch, but it really does help to rebuild your credit. The bank I work at, WaMu, also lets you monitor your FICO score through the card website. It's your score from TransUnion, but it gives you an idea of how things are improving. Just make a few small purchasees a month with it, pay the bill on time EVERY month, and your score will go up. I hope this helps.
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I'm all right, Jack. Keep your hands off of my stack! - Pink Floyd
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swedishgirl
Joined: 28 Sep 2006
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Debtcc Points: 3460
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